Utility Split Trust Announces it has Completed Its Offering of Class B Preferred Securities and Announces a Distribution for Capital Units
Toronto, December 19, 2011 - Utility Split Trust (the "Fund") (TSX: UST.UN; UST.PR.A; UST.PR.B) announces that it has completed its offering of Class B Preferred Securities. The Fund issued 1,203,576 Class B Preferred Securities for gross proceeds of approximately $12 million. The Class B Preferred Securities are listed on the Toronto Stock Exchange ("TSX") under the symbol UST.PR.B. The Class B Preferred Securities have been rated Pfd-2 (low) by DBRS Limited.
The Fund also announces that on December 16, 2011 it completed the special retraction of those Capital Units that were deposited for retraction pursuant to the special retraction right. Each retracted Capital Unit received $13.50 per Capital Unit retracted. The Fund's original Preferred Securities (TSX:UST.PR.A) will mature on December 31, 2011 and holders will be paid an amount equal to the Repayment Price, being the original subscription price of $10 per Preferred Security, plus any accrued interest and unpaid interest thereon. Payment is expected to be made on January 3, 2012. To facilitate the repayment of the Preferred Securities, the Preferred Securities will be delisted as at the close of business on Friday, December 30, 2011.
Finally, the Fund also announces a distribution for the month-ending December 30, 2011 of $0.05 per Capital Unit. The distribution is payable to holders of record on December 30, 2011, and will be paid on or before January 13, 2012. The initial interest payment in respect of the Class B Preferred Securities (TSX:UST.PR.B) will be paid on or about April 16, 2012 to Unitholders of record on March 31, 2012, and will include a pro rated amount for the period from today's date to March 31, 2012.
For further information, please call Rob MacNiven, Investor Relations, First Asset at 416-642-1289 or 1-877-642-1289 or visit www.firstasset.com.